Press releases – 2008

Appointment of Chief Executive Officer of Chagala Zere Malls joint venture

18 Jan 2008

Chagala Group, the specialist Kazakh real estate developer and operator listed on the London Stock Exchange, today announces the appointment of Peter Lourenco as Chief Executive Officer of the Chagala Zere Malls ("CZM") joint venture.

Mr Lourenco joins CZM from NCH Capital where he developed and served as General Director of the Shopping Mall Ukraina in Kyiv, NCH Capital's largest investment in Ukraine. He brings extensive experience to CZM having served as General Director of GTECH Ukraine, as well as working for CB Richard Ellis and Homart Development Company (now GGP).

CZM, a joint venture between Chagala and the Kazakh developer, Zere, was established to develop shopping malls of an average size of about 30,000 sqm. gross, in each of the fast growing cities of Ust-Kamenogorsk, Atyrau, Aktau, Kostanai, Urlask and Shymkent in Kazakhstan. CZM `s first malls are planned to be built in Ust-Kamenogorsk and Atyrau

Commenting on the appointment Chagala's Chief Executive Officer, Tim Abson, said:

"I am delighted to welcome Peter as CEO of Chagala Zere Malls. I believe his experience and strong leadership will help to drive forward this exciting joint venture as we commence development of the Ust-Kamenogorsk mall."

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